Explore Current Home Values in Maryland
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Kelsey Morrison Former HomeLight EditorClose
Kelsey Morrison Former HomeLight EditorKelsey Morrison worked as an editor for HomeLight's Resource Centers. She has seven years of editorial experience in the real estate and lifestyle spaces. She previously worked as a commerce editor for World of Good Brands (eHow.com and Cuteness.com) and as an associate editor for Livabl.com. Kelsey holds a bachelor’s degree in Journalism from Concordia University in Montreal, Quebec, and lives in a small mountain town in Southern California.
Are you curious about current home values in Maryland? Knowing your home’s worth can make a big difference, whether you’re thinking about selling, requesting PMI cancellation, or simply keeping an eye on market trends.
In this article, we’ll review home values in the Old Line State, offering insights on current price trends and tips for getting an accurate home value estimate. We’ll also share effective strategies to boost your home’s value and introduce tools to help you get the best price when you’re ready to sell.
Already Own a Home? What's It Worth Now?
Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.
Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Maryland
The median home value in Maryland has risen by 28% since 2020. Data from the Maryland Realtors Association shows that the typical home sold for $330,000 at the start of the decade, compared to $436,000 in June this year.
“High home prices combined with elevated mortgage rates have made buying a home more challenging, particularly for first-time and moderate-income buyers,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist, in a recent press release.
“Home prices are still rising because of the limited inventory. There is also a pool of buyers in the market who are not as price or interest rate sensitive because they are selling a home and rolling significant equity into the purchase of their next home.”
The table below highlights the notable rise in home prices in Maryland over the past five years:
| Year | Median home price | Percent change year-over-year |
| 2024 (June) | $436,000 | +5.1% |
| 2023 | $400,000 | +3.9% |
| 2022 | $385,000 | +6.5% |
| 2021 | $361,000 | +9.4% |
| 2020 | $330,000 | +9.2% |
Source: Maryland Realtors Association
This trend isn’t exclusive to Maryland; it’s a nationwide phenomenon. According to a recent analysis of the Case-Shiller National Home Price Index, U.S. home prices have surged 47% since early 2020.
As a result, homeowners have accumulated significant equity in their homes, which can be used to buy new properties, fund home improvements, pay off debts, or save for retirement. ICE’s Mortgage Monitor report indicates that as of early 2024, the average mortgage-holding homeowner has $299,000 in equity.
For comparison, the table below shows median home prices in several of Maryland’s largest cities:
| City | Median home price | Population |
| Baltimore | $207,700 | 559,266 |
| Columbia | $489,300 | 107,764 |
| Ellicott City | $704,300 | 74,882 |
| Frederick | $423,000 | 88,270 |
| Gaithersburg | $559,700 | 69,589 |
| Germantown | $413,300 | 90,846 |
| Glen Burnie | $394,300 | 72,058 |
| Rockville | $657,500 | 67,284 |
| Silver Spring | $538,300 | 83,534 |
| Waldorf | $417,300 | 83,298 |
Home value averages of multiple public transaction sites
Population estimates by World Population Review
In the next section, we’ll explain how to estimate your home’s value in Maryland.
How to get a home value estimate
There are various tools available to help you calculate your home’s value, ranging from online estimators to professional appraisals, each offering a different level of detail and accuracy.
Use an online home value estimator
To get a quick estimate of your home’s value, you can use an online home value estimator like HomeLight’s. These tools gather data from county auditor records, tax assessor files, user inputs, and MLS listings to calculate a value. HomeLight’s tool goes beyond by asking seven targeted questions about your property to refine the estimate. This method offers a preliminary value estimate in just two minutes, making it a great starting point for your home-selling process.
Request a comparative market analysis
For a more precise home value estimate, consider requesting a comparative market analysis (CMA) from a local real estate agent.
A CMA provides an in-depth comparison of your home to similar properties recently sold in your area. It takes into account factors like the number of bedrooms and bathrooms, total square footage, the age of the home, location, recent upgrades, and nearby amenities.
These reports typically include charts, graphs, and photos to give you a thorough understanding of your home’s market value. While many agents offer a CMA for free, some might charge a small fee. If you’re planning to list your home, know that most agents will provide a CMA as part of their services.
If you’re ready to sell your home but haven’t found a real estate agent yet, HomeLight can connect you with top agents in Maryland. The service is free and quick, matching you with up to three qualified agents within two minutes. HomeLight agents don’t pay to be featured and are chosen based on performance, so you can be confident in their ability to sell your home for more money. In fact, internal HomeLight data shows that the top 5% of listing agents can sell homes for up to 10% more than the average agent.
Get a pre-listing appraisal
In some cases, a pre-listing appraisal might be necessary for an accurate home valuation. This is especially true for homes with unique features, those in rural areas with few comparable sales, or properties with significant land. A professional appraisal can help you set an asking price that reflects your home’s true value.
Typically, a home appraisal costs between $450 and $550, with higher fees for complex properties. Even if you have a pre-listing appraisal, the buyer’s lender will still require an appraisal to determine the loan amount they can provide.
How to increase the value of your Maryland home
Here are some key steps to take if you want to boost your home’s value before selling in Maryland.
Curb appeal: Enhancing curb appeal is crucial, as 92% of realtors recommend it before selling. Simple tasks like mowing the lawn, painting the front door, adding fresh mulch, and installing outdoor lighting can make your home more attractive to potential buyers.
Strategic updates: Focus on home improvements that offer high returns, such as updating kitchens and bathrooms, refinishing floors, and replacing outdated appliances. According to Zonda’s 2023 report, replacing garage doors recoups 103% of the costs, making it a worthwhile investment.
Necessary fixes: Ensuring essential repairs are addressed can prevent issues during inspections. Fixing the roof, plumbing, electrical systems, and other crucial elements can make your home inspection-ready and more appealing to buyers.
Decluttering and depersonalizing: Decluttering and depersonalizing help buyers envision themselves in your home. A HomeLight survey found that decluttering can increase your home’s value by $8,000 or more. Remove personal items and excess furniture to create an open, inviting space.
Deep cleaning: Putting in the effort to deep clean your home can greatly improve its marketability. HomeLight’s survey indicates that deep cleaning can add $3,700 to your home’s value. Focus on freshening up carpets, grout, windows, and other areas to present a spotless home.
Home staging: Effective staging showcases your home’s best features. Another HomeLight survey suggests that staged homes can sell for up to 13% more. Staging helps buyers visualize living in the space, potentially leading to a faster and higher-priced sale.
Unlock Your Equity and Buy Before You Sell
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
How to buy before you sell in Maryland
If you’ve recently discovered your dream home, don’t let selling your current place hold you back. HomeLight’s Buy Before You Sell program is here to help.
BBYS allows you to unlock a portion of your current home’s equity to make a strong, non-contingent offer on a new property. If your home qualifies, you can access your equity within 24 hours without any upfront fees or obligations. This program lets you buy your new home first, move in, and then sell your old home while it’s unoccupied, avoiding the dreaded double move.
HomeLight charges a flat fee of 2.4% of your current home’s sale price. If your home doesn’t sell within 90 days of closing on your new property, HomeLight will purchase it and continue the selling process. After covering any incurred costs, the remaining profits will be returned to you.
Click on the video below for more information about HomeLight’s Buy Before You Sell program:
How to find a top agent in Maryland
Choosing a top real estate agent with a proven track record is crucial for maximizing your home’s sale price. HomeLight’s agent matching service is a free tool that connects you with up to three highly qualified agents in your area within minutes. Our recommendations are unbiased, focusing on an agent’s experience, past sales, and local market knowledge.
An agent with a high sale-to-list ratio is especially valuable. This ratio shows the percentage of the listing price that the home actually sells for. A high ratio means the agent prices homes accurately and negotiates well to get the best price for their clients.
It’s important to interview at least three agents to make sure you find the best fit for your needs. Here are a few essential questions you might want to ask:
- How long have you been in business?
- How well do you know this neighborhood?
- What types of homes, and price ranges, do you specialize in?
- What’s your average number of days on market?
- What is your commission rate?
- What would your marketing plan look like for this property?
- Could you provide me with a few client referrals?
Using HomeLight’s agent match tool and these questions, you can confidently select a real estate agent who will help you achieve a successful home sale.
Get a free preliminary home estimate today
Understanding your home’s value is crucial whether you’re planning to sell soon or considering a home equity loan. With HomeLight’s free home value estimator, you can quickly get an initial estimate of your home’s worth in less than two minutes.
HomeLight can also connect you with top Maryland agents who can sell your home for more money or help you buy a new house before selling your current one. By staying on top of market trends and utilizing these tools, you can maximize your Maryland home’s value effectively.
Header Image Source: (Curtis Adams/ Pexels)
- "S&P CoreLogic Case-Shiller U.S. National Home Price Index," Federal Reserve Bank of St. Louis (June 2024)
- Most REALTORS® Recommend Improving Curb Appeal, and Homeowners Can Benefit Financially and Emotionally by Remodeling Outdoor Features, NAR-NALP Report Finds," National Association of Realtors (March 2023)
- "Top Agent Insights for End of Year 2023," HomeLight (December 2023)
- " Top Agent Insights for Fall 2022," HomeLight (September 2022)
- "Top Agent Insights for Summer 2023," HomeLight (July 2023)
- "2023 Cost vs. Value Report," Zonda (March 2023)
- " February 2024 Mortgage Monitor," ICE Mortgage Technology (February 2024)
- "Housing Statistics", Bright MLS (June 2024)
- "Bright MLS June 2024 Housing Report", Bright MLS (July 2024)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
